Dalelorenzo's GDI Blog
15Mar/210

US owes India USD 216 billion

The US, the world's largest economy, owes India USD 216 billion in credit as the country's debt flourishes to a record USD 29 trillion, an American lawmaker has said, cautioning the leadership against galloping foreign debt, the largest of which comes from China and Japan. In 2020, the US national debt was USD 23.4 trillion, that was USD 72,309 in debt per person. "We are going to grow our debt to USD 29 trillion. That is even more debt owed per citizen. There is a lot of misinformation about where the debt is going. The top two countries we owe its external debt to are China and Japan , not actually our friends, " Congressman Alex Mooney said. "We are at world-wide tournament with China all the time. They are bracing a good deal of its external debt. We owe China over USD 1 trillion and we owe Japan over USD 1 trillion, " the Republican Senator from West Virginia said on the storey of the US House of Representatives as he and others opposed the latest stimulus package of USD 2 trillion. In January, US President Joe Biden announced a USD 1.9 trillion coronavirus succor package to tackle the fiscal fallout from the pandemic, including direct financial aid to average Americans, support to businesses and to provide a boost to the national vaccination programme. "The people who are loaning us the money we have to pay back are not necessarily people who have our best interest at heart. Brazil, we owe USD 258 billion. India, we owe USD 216 billion. And the roll goes on the debt that is owed to foreign countries, " Congressman Mooney said. America's national debt was USD5. 6 trillion in 2000. During the Obama administration, it actually double-faced. "Since the eight years Obama was President, we doubled our national debt. And we are adding another-projected here-a fully out of control debt-to-GDP ratio, " he said recommending his Congressional colleagues to consider this national debt issue before accept the stimulus container. "So I advise my colleagues to consider the future. Don't buy into the-the government has no money it doesn't take from you that you are going to have to pay back. We is essential to wise with these dollars, and most of this is not going to coronavirus succour anyway, " he said. Congressmen Mooney said that things have gone completely out of control. The Congressional Budget Office thinks an additional USD 104 trillion will be added by 2050. The Congressional Budget Office foreshadowed indebtednes would rise 200 per cent. "Today, as I stand here right now, we have USD 27.9 trillion in national debt...That is actually a little more than USD 84,000 of pay to every American citizen right here today, " Mooney said. "We have actually acquired USD 10,000 per person in one year. I mean, that is out of control, " he said.

Read more: economictimes.indiatimes.com

6Mar/210

House Dem Who Voted Against $1.9 Trillion Stimulus Says Process Should Have Involved Republicans

Congressman Jared Golden( D-ME) criticized the $1.9 trillion stimulus statute that was passed in the House early Saturday morning and used to call more bipartisanship in Washington, a move that comes little than 24 hours after he was one of two Democrats to vote against President Joe Biden's firstly major legislative initiative.

In an interrogation with The Hill on Saturday after the House vote, Golden argued that the $1.9 trillion stimulus wasn’t sufficiently targeted, and suggested that Democrats should have sought GOP support for it. “I like to often remind myself that time because you can do something doesn't mean that you are able to. It doesn't mean that it's in the best interest of the country, ” said Golden.

“I guess I would say that I don't think it was in the best interest of the country. I think that we have ended up with worse public policy as a result, rather than a more targeted bill that would come out of a bipartisan process, ” he said.

The stimulus bill would furnish $200 billion for public schools, $50 billion for COVID-1 9 vaccination rationing, contact retracing, and testing, and expand the weekly unemployment booster checks at $400 -- instead of $ 300 -- until the end of August of 2021. The statute would also provide a $1,400 stimulus fee to individuals who earn less than $75,000 per year, and would afford $350 billion for commonwealths, local governments, and tribal governments.

Among Golden's criticisms were that the statement included funding for priorities that have already been funded through previous legislation, including “billions and billions”of dollars that have “yet to hit their own economies, ” reports The Hill. And by not targeting, advocated Golden, lawmakers were spending money that could have been used for other priorities.

“We need to get more and more targeted as we move forward here so that we have...the resources we need for other critical reforms that the American beings too need us to step up and get done, ” said Golden.

The final House vote was 219 -2 12. One other Democrat, Congressman Kurt Schrader of Oregon, also voted against the invoice. It will likely still be amended in the Senate, partly because Democrat included a provision to increase the minimum wages to $15 per hour that the Senate parliamentarian previously said did not comport with the Senate rules.

Golden was also critical of the Senate passing the bill through the reconciliation process, the most process the rules of which is necessary Democrats to axe the $15 minimum wage hike in the House-passed bill. Under the reconciliation process, the Senate can surpass legislation with a veto-proof simple majority, but the legislation has to follow highly specific and complex powers related to the budget.

While Democrat do have the votes to pass the stimulus invoice without any GOP support if Vice President Kamala Harris performs as a tie-breaker, Democrat can't risk a single defection in the Senate in order to determine that happen.

" I considered that we also have to accept the fact that we are going to have to work with the Republican Party and that is the mandate that was delivered by voters across 50 countries ," Golden told The Hill." And there's only so many times you can do budget reconciliation ."

Golden likewise points out that Democrats having surpassed the stimulus statement without GOP support could turn off Republican lawmakers from working with them in the future." It poisoned the shaft a little bit so to speak ," he said.

Related: Democrat-Controlled House Passes $ 1.9 Trillion Stimulus Bill; Two Dems Vote Against It

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Read more: dailywire.com